PMSBY: Pradhan Mantri Suraksha Bima Yojana

Pmsby Pradhan Mantri Suraksha Bima Yojana
PMSBY Pradhan Mantri Suraksha Bima Yojana

PMSBY full form Pradhan Mantri Suraksha Bima Yojana is a government-backed accident insurance plan in India. It was first named in the 2015 Budget speech by Finance Minister Late Arun Jaitley in February 2015. It was formally started by Prime Minister Narendra Modi on 8 May in Kolkata.

Table of Content:

  • PMSBY
  • Pradhan Mantri Suraksha Bima Yojana
  • PMSBY Scheme Details
  • PMSBY Eligibility Criteria
  • PMSBY Form
  • Pradhan Mantri Bima Yojana Online
  • PMSBY Insurance
  • PMSBY Benefits
  • FAQ

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana is accessible to people within 18 to 70 years of age with bank accounts. It has a yearly premium of ₹12 Insurance i.e.₹12 exclusive of taxes. The GST is excused on Pradhan Mantri Suraksha Bima Yojana. The cost is automatically debited from the bank account. The accident insurance plan can have one year cover from 1 June to 31 May and would be given through banks and delivered through public sector general insurance companies.

In event of an unexpected death or full disability, the payment to the nominee will be ₹2 lakhs (US$2,800) and in state of partial Permanent disability ₹1 lakh (US$1,400). Full disability has been described as a loss of both eyes, hands, or feet. Partial Permanent disability has been described as the loss of one eye, hand, or foot. Moreover, death due to suicide, alcohol, drug abuse, etc. are not included.

This scheme will be associated with the bank accounts that started under the Pradhan Mantri Jan Dhan Yojana scheme. Most of this account had zero balance initially. The government intends to decrease the number of zero balance accounts by using this and similar schemes. Now all Bank account holders can avail this facility through their net-banking service facility at any time of the year.

Pradhan Mantri Bima Yojana (PMBY) is one of the three social defense schemes that the state had stated in the 2015 Budget. The other two existing Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Atal Pension Yojana (APY).

PM Suraksha Bima Yojana

The PM Suraksha Bima Yojana Scheme helps you stay funded in situations of unexpected emergencies. The PMSBY plan helps you particularly when you are covered with accidental death and impairments towards you and your family. The Pradhan Mantri Suraksha Bima Yojana has some features and advantages that make the lower – middle average person interested to invest in it. The premium to be given is as low as Rs.12 per annum, per part of the family. In the cause of death, the amount insured is 2 lakhs. Lastly, in cases where there is a loss of eye or limb, the amount insured is 1 lakh.

PMSBY Scheme Details:

Pradhan Mantri Suraksha Bima Yojana (PMSBY) was originated primarily for people whose insurance was out of range due to a financial limitation. The scheme was formally launched by our popular Prime Minister of India Shri Narendra Modi on 9th May 2015 in Kolkata for all Indian citizens. This government-backed insurance scheme tries to extend the scope of insurance to more people in India.

PMSBY Form

Download the PMSBY Formhttps://jansuraksha.gov.in/Files/PMSBY/English/ApplicationForm.pdf#zoom=250

Pradhan Mantri Bima Yojana Online

Steps to apply for PMBY online:

1. Log in to net banking.

2. You will be given PMSBY at the appropriate menu.

3. Choose the account in which you wish to pay your premium.

4. Policy cover amount, premium amount and nominee features (as per the selected account) will be presented. You can decide to replicate the savings account nominee or add a new nominee.

5. Click on the next information/details:

*Good health declaration.

*Terms & Conditions/Scheme Details/FAQs.

*”I do not hold any other policy of the same”.

6. Click on ‘Proceed’. You will then be given the full details of the PMSBY scheme you have registered for.

7. If you are okay with the plan registration details presented, click on ‘Confirm’.

8. Download the declaration, which provides a unique reference number.

9. Do save the acknowledgment document for later citation.

PMSBY Insurance

The Scheme is accessible to people in the age group 18 to 70 years with a bank account, Banks provide their approval to join/enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual revision basis. Aadhar would be the first KYC for the bank account. The risk coverage under the plan is ₹ 2 lakhs for unexpected death and full disability, and ₹ 1 lakh for partial disability. The premium of ₹12 per annum is to be subtracted from the account holder’s bank account by an ‘auto-debit’ means in one installment. The plan is being submitted by Public Sector General Insurance Companies or any other General Insurance Company who are prepared to offer the product on related terms with required approvals and tie-up with banks for this idea.

PMSBY Eligibility Criteria

PMSBY is accessible to people in the age group 18 to 70 years with a savings bank account. A person can follow this scheme in one bank account only.

Premium for PMSBY

The premium payable for the PMSBY scheme is ₹12 per year. If you let auto-debit facility on your account, the premium amount will be automatically subtracted from your account on or before June 1 every year.

PMSBY Benefits

The risk coverage following the scheme is ₹ 2 lakhs for unexpected death and full disability and ₹1 lakh for partial disability. Claim compensation will be made to the bank account of the guaranteed or his nominee in the cause of the death of the account holder.

  • Death: ₹ 2 lakh
  • The total and irretrievable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of one hand or one foot: ₹1 lakh
  • The total and irretrievable loss of sight of one eye or loss of use of one hand or one foot: ₹1 lakh

To avail the benefits of PMSBY, one requires to approach any of the public sector general insurance companies and other private general insurance as well which would be required to have a tie-up with the banks. One may enroll by fulfilling the designated form and submitting in the bank where the account is held. Some banks have also started enrollment through net banking or mobile banking.

If you are not holding an accidental and disability cover individually, get one. Additionally, getting PMSBY will assist you in improving your total insurance coverage.

FAQ

1. What is PMSBY Full Form?

PMSBY Full Form is Pradhan Mantri Suraksha Bima Yojana

2. What is the PMSBY age limit?

PMSBY age limit is 70 years

3. PMSBY Meaning ?

Pradhan Mantri Suraksha Bima Yojana is an insurance scheme which is accessible to people within 18 and 70 years of age with bank accounts. It has a yearly premium of ₹12exclusive of taxes.

4. What is the PMSBY policy?

One-year period stretching from 1st June to 31st May